Russian Ruble’s Monthly Volume On Binance Drops 83% In Two Years

The monthly trading volume of Russian Rubles (RUB) on the Binance Exchange has reportedly declined more than 83% in the past two years. Meanwhile, the trade volume of Ukrainian Hryvnia (UAH) on the world’s largest crypto exchange has sunk even more than the RUB’s volume. It is likely that the ongoing conflict between Russia and Ukraine is the cause of this decline.

Crypto research firm Kaiko took to X (formerly Twitter) earlier today to report the sinking trading volumes of RUB and UAH on Binance. According to trading data gathered by Kaiko, RUB’s monthly trading volume went from $507 million in 2021 to a modest $85 million this year, marking a decline of 83.2%.

Russian Ruble’s trading volume on Binance sank below the $100 million mark in mid-2023 and continued to decline, reaching its two-year low in April this year. Interestingly, RUB’s monthly trade volume witnessed a significant surge after Russia’s conflict with Ukraine escalated in February 2022. RUB’s monthly trading volume briefly shot up to a whopping $800 million.

Meanwhile, the monthly trading volume of the Ukrainian Hryvnia on Binance has declined even more than that of RUB. Kaiko’s research revealed that similar to RUB, UAH’s trading volume also spiked following the conflict in February last year, taking its monthly volume to nearly $300 million. However, in the following months, UAH’s monthly trading volume on the crypto exchange sank to as low as roughly $50 million.

Kaiko’s latest trading data suggests that the monthly trade volume of Ukrainian Hryvnia is less than $20 million. Online traffic data showed that Russian traders remain one of the top visitors of Binance, accounting for nearly 6% of the crypto giant’s total users over the past three months. Ukrainian traders accounted for over 4.5% of the traffic on the online trading platform.